export of goods
This query is : Resolved
P ESWARAMOORTHY
(Querist)
17 April 2009
Friends,
One indian company exporting goods to uk. they have one person in uk like agent. invoice will be raised in the name of agent. he will sell the goods in uk to various parties. the payment to the indian company, agent will send only 90% of the invoice amount. 10% he will retain.
is there any restriction under fema for this transaction?
One indian company exporting goods to uk. they have one person in uk like agent. invoice will be raised in the name of agent. he will sell the goods in uk to various parties. the payment to the indian company, agent will send only 90% of the invoice amount. 10% he will retain.
is there any restriction under fema for this transaction?
CA. B.SRINIVASULU
(Expert)
17 April 2009
If you are raising the Bill in the name of the agent, then it becomes as if you have sold to him. You can raise only 90% of the value. If you raise 100% and receive 90% only then you have to inform RBI under FEMA and also you have to give sufficient reasons. You cannot say its a commission because the name in the bill and payment sending person is same.
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